Want more Apples in Arizona? Reform the tax code

• Because of the U.S. tax code%2C American companies that drive innovation have billions in profits parked overseas
• McCain%2C Franks%3A Our bill would lower taxes for companies that bring that money back to U.S.
• The result would be greater economic growth in Arizona and the country

Last week, Apple made a landmark announcement for Arizona when it unveiled plans to build a multibillion-dollar "global command center" in Mesa.

The data center will bring 500 engineering and construction-related jobs while creating 150 high-paying permanent jobs in our state. According to Apple, its $2 billion investment in Arizona is among the largest the company has ever made.

Apple's decision further establishes Arizona's position as a uniquely attractive destination for high-tech business. In recent years, cutting-edge companies such as Intel and Raytheon have established facilities in the state, creating jobs, attracting additional investment and fueling the growth of our economy.

But, as Arizona experiences high-tech growth, we also face the challenge of keeping these innovative companies and their investment dollars in America while advancing the innovations of tomorrow.

The U.S. corporate tax rate is the highest in the developed world, and our byzantine federal tax code has created a situation in which the very same American companies that drive innovation and hold the keys to economic growth have billions in profits parked overseas.

As a nation, we can and must reverse this trend. That is why we recently introduced the Foreign Earnings Reinvestment Act in the U.S. House of Representatives and Senate, legislation that would encourage the return of the estimated $1.9 trillion locked overseas to the American economy.

The bill would accomplish this by temporarily reducing the current 35 percent corporate tax rate to an 8.75 percent effective tax rate on foreign earnings brought back to America.

Our bill would also help turn that investment capital into American jobs by allowing companies that expand their U.S. payrolls to obtain an effective tax rate as low as 5.25 percent on repatriated overseas profits.

Apple CEO Tim Cook, whose company has an estimated $157.8 billion in earnings parked overseas, highlighted the problems with our high corporate tax rate in testimony before the U.S. Senate in 2013. He noted that our outdated corporate tax code "has not kept pace with the advent of the digital age and the rapidly changing global economy," and encouraged Congress to act to allow these foreign earnings to flow back to our shores.

As Arizona continues to open its doors to high-tech companies and encourage investments that will grow our state's economy, it is past time for Congress to act. Finally passing common-sense, pro-growth legislation that allows companies to put their earnings to work back home will mean that Apple's $2 billion Mesa project can be just the beginning for Arizona and the nation.

When the late Sen. Barry Goldwater imagined what the future would be like in a remarkable 1962 commentary, "Arizona's Next Fifty Years," he wrote, "Arizona's principal economic growth will be in the industrial field, with emphasis being on items of a technological nature. ... Arizona will continue to be a haven for people who seek an outlet for initiative and a reward for work."

Fifty-two years later, as Intel, Apple and other pioneering enterprises bring their bright ideas and innovations to our state, Sen. Goldwater's vision for Arizona is beginning to be realized. Reforming our archaic, uncompetitive corporate tax code can ensure continued economic growth for Arizona and the nation for the next half century and beyond.

John McCain is Arizona's senior senator. Trent Franks represents the 8th District, which includes much of the West Valley up to New River.